ExxonMobil has created a new business to commercialise its low-carbon technology portfolio.
The new business, ExxonMobil Low Carbon Solutions, will initially focus on carbon capture and storage, the company said yesterday (1 February).
The new business, which will be headed by Joe Blommaert, is advancing plans for more than 20 new carbon capture and storage (CCS) opportunities globally to enable large-scale emission reductions.
Among the new CCS projects and partnerships under evaluation include Porthos, which aims to capture and store around 37 million tonnes of CO2 over a 15-year period in empty gas fields beneath the North Sea from 2024 onwards.
In addition to focussing on CCS, ExxonMobil Low Carbon Solutions will also leverage ExxonMobil’s experience in the production of hydrogen. Other technology focus areas in its low carbon portfolio will be added in the future as they mature to commercialisation, the company said.
The new business will also seek to develop partnerships and collaborations on a wide range of technologies and be responsible for marketing of emission-reduction credits created through the business’s sequestration projects.
ExxonMobil plans to invest $3 billion on lower emission energy solutions through 2025.